First harvest moves closer for Gigante Salmon

Gigante Salmon, which is building a flow-through fish farm on a small island in Norway, remains on course to carry out its first harvest in the second quarter of this year, it said in its annual report for 2024, published today.

The company intends to produce 20,000 gutted weight tonnes of salmon annually in 10 separate raceways divided between three pools excavated into the bedrock of Lille Indre Rosøy. One pool containing three raceways is already in use, and two further pools – one with three raceways and another with four - are under construction.

A trial stocking of smolts was made in the completed pool early last year, and it is these fish that will be harvested. Gigante Salmon expects a harvest of 550 gutted weight tonnes.

A second stocking of smolts in another of the completed pool’s raceways was made in the third quarter of 2024. Harvesting of these fish will start in Q4 2025.

£218,000 operating loss

Gigante Salmon AS made an operating loss of NOK 2.97 million (£218,000) in 2024, a reduced loss compared to 2023, when it lost NOK 3.324m.

“Even though the project has commenced operations on a limited basis, sales revenues are not expected before Q2, when the first harvest is scheduled to take place,” directors explained in the report.

The company made a net loss for 2024 of NOK -2.098m, compared with a net profit of NOK 0.728m in 2023.

“The difference is due to a decrease in financial income resulting from the increasing share of equity financing for the Rødøy project,” said the directors.

The group’s liquidity on December 31, 2024, was NOK 106.623m.

Construction loan financing has a total framework of NOK 324 million and is expected to be fully utilised during Q1. 

"We will then use buffer capital from previous capital raising to complete the facility," said directors. "The group maintains a solid financial position, and as of 31 December, our available cash was sufficient to meet our short-term liabilities. Total assets on the balance-sheet date amounted to NOK 1,216.466 million, compared with NOK 657.653 million the previous year. The equity ratio on 31 December was 59%, compared with 73% as of 31 December 2023."